Smith, 30, re-signed with the Cavaliers last off-season for two years at $10.3 million. He will forgo his second-year option salary of $5.4 million to explore the opportunities on the open market with the cap expected to jump to $92 million. […] Had he opted in for the 2016-17 season, his deal wouldn’t have become fully guaranteed until Sept. 17.

“This is where I want to be,” Smith said. “The fans love me; I love them and my teammates.”

Smith averaged 12.4 points and shot 40 percent from three-point range during the 2015-16 campaign, and developed into one of the team’s best perimeter defenders. He’s coming off of setting the franchise record for most three-pointers made in a season with 204, placing him seventh in the NBA.